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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions and Commodity Contracts
A summary of interest rate swaps outstanding at December 31, 2021, is as follows:
Fixed-to-Floating Interest Rate Swaps
(Notional amount in millions)
Notional amountFixed interest
rate received		Floating interest
rate paid		Basis for contracted floating interest rate paid
$100 8.10%6.00%
1 month LIBOR + 5.90%
1,400 2.75%0.69%
1 month LIBOR + 0.58%
200 3.68%1.17%
1 month LIBOR + 1.07%
25 7.63%2.66%
6 month LIBOR + 2.48%
50 7.65%2.77%
6 month LIBOR + 2.57%
25 5.45%0.46%
6 month LIBOR + 0.28%

Forward Starting Floating-to-Fixed Interest Rate Swaps
(Notional amount in millions)
Notional amountFloating interest
rate to be received		Fixed interest
rate to be paid		Basis for contracted floating interest rate received
$50 —%3.10%
3 month LIBOR + 0.00%
50 —%3.06%
3 month LIBOR + 0.00%
50 —%2.80%
3 month LIBOR + 0.00%
50 —%2.81%
3 month LIBOR + 0.00%
50 —%2.64%
3 month LIBOR + 0.00%
50 —%2.64%
3 month LIBOR + 0.00%
50 —%2.30%
3 month LIBOR + 0.00%
50 —%2.08%
3 month LIBOR + 0.00%
50 —%1.77%
3 month LIBOR + 0.00%
50 —%1.51%
3 month LIBOR + 0.00%
50 —%1.50%
3 month LIBOR + 0.00%
50 —%1.20%
3 month LIBOR + 0.00%
50 —%1.14%
3 month LIBOR + 0.00%
50 —%0.81%
3 month LIBOR + 0.00%
50 —%1.24%
3 month LIBOR + 0.00%
50 —%1.31%
3 month LIBOR + 0.00%
50 —%0.71%
3 month LIBOR + 0.00%
50 —%0.78%
3 month LIBOR + 0.00%
50 —%1.79%
3 month LIBOR + 0.00%
50 —%1.76%
3 month LIBOR + 0.00%
50 —%1.75%
3 month LIBOR + 0.00%
100 —%1.83%
3 month LIBOR + 0.00%
50 —%1.65%
3 month LIBOR + 0.00%
50 —%1.56%
3 month LIBOR + 0.00%
50 —%1.66%
3 month LIBOR + 0.00%
50 —%1.69%
3 month LIBOR + 0.00%
As of December 31, 2021, the volume of outstanding commodity contracts that were entered into to hedge forecasted transactions:
CommodityDecember 31, 2021Term
Copper9 Millions of pounds
1 to 12 months
Gold1,402 Troy ounces
1 to 12 months
Silver412,300 Troy ounces
1 to 12 months
Schedule of Derivative Financial Instruments Recognized in Consolidated Balance Sheet
The fair value of derivative financial instruments recognized in the Consolidated Balance Sheets is as follows:
(In millions)Notional
amount		Other
 current
assets		Other
noncurrent
assets		Other
current
liabilities		Other
noncurrent
liabilities		Type of
hedge		Term
December 31, 2021      
Derivatives designated as hedges      
Fixed-to-floating interest rate swaps$1,800 $22 $29 $— $— Fair value
8 months to
13 years
Forward starting floating-to-fixed interest rate swaps
1,350 — 38 — 79 Cash flow
11 to 31 years
Currency exchange contracts1,212 17 2 11 3 Cash flow
1 to 36 months
Commodity contracts50 2 — 1 — Cash flow
1 to 12 months
Total $41 $69 $12 $82  
Derivatives not designated as hedges     
Currency exchange contracts$5,285 $34  $9  
1 to 12 months
Commodity contracts62 1  1  1 month
Total $35  $10   
December 31, 2020      
Derivatives designated as hedges      
Fixed-to-floating interest rate swaps$2,075 $2 $100 $— $— Fair value
6 months to
14 years
Forward starting floating-to-fixed interest rate swaps
900 — 17 — 108 Cash flow
12 to 32 years
Currency exchange contracts946 20 6 20 1 Cash flow
1 to 36 months
Commodity contracts24 4 — — — Cash flow
1 to 12 months
Total $26 $123 $20 $109   
Derivatives not designated as hedges      
Currency exchange contracts$5,227 $43  $34  
1 to 12 months
Commodity contracts18 2  —  
1 month
Total $45  $34   
The following amounts were recorded on the Consolidated Balance Sheets related to fixed-to-floating interest rate swaps:
(In millions)Carrying amount of the hedged assets (liabilities)
Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged asset (liabilities) (a)
Location on Consolidated Balance SheetsDecember 31, 2021December 31, 2020December 31, 2021December 31, 2020
Long-term debt$(2,413)$(2,688)$(84)$(139)
(a) At December 31, 2021 and 2020, these amounts include the cumulative liability amount of fair value hedging adjustments remaining for which the hedge accounting has been discontinued of $33 million and $37 million, respectively.
Schedule of Impact of Hedging Activities to Consolidated Statement of Income
The impact of hedging activities to the Consolidated Statements of Income is as follows:
2021
(In millions)Net salesCost of products soldInterest expense - net
Amounts from Consolidated Statements of Income$19,628 $13,293 $144 
Gain (loss) on derivatives designated as cash flow hedges
Currency exchange contracts
Hedged item$6 $— $— 
Derivative designated as hedging instrument(6)— — 
Commodity contracts
Hedged item$— $(9)$— 
Derivative designated as hedging instrument— 9 — 
Gain (loss) on derivatives designated as fair value hedges
Fixed-to-floating interest rate swaps
Hedged item$— $— $51 
Derivative designated as hedging instrument— — (51)
2020
(In millions)Net salesCost of products soldInterest expense - net
Amounts from Consolidated Statements of Income$17,858 $12,408 $149 
Gain (loss) on derivatives designated as cash flow hedges
Currency exchange contracts
Hedged item$13 $5 $— 
Derivative designated as hedging instrument(13)(5)— 
Commodity contracts
Hedged item$— $(1)$— 
Derivative designated as hedging instrument— 1 — 
Gain (loss) on derivatives designated as fair value hedges
Fixed-to-floating interest rate swaps
Hedged item$— $— $(45)
Derivative designated as hedging instrument— — 45 
2019
(In millions)Net salesCost of products soldInterest expense - net
Amounts from Consolidated Statements of Income$21,390 $14,338 $199 
Gain (loss) on derivatives designated as cash flow hedges
Currency exchange contracts
Hedged item$7 $(12)$— 
Derivative designated as hedging instrument(7)12 — 
Commodity contracts
Hedged item$— $— $— 
Derivative designated as hedging instrument— — — 
Gain (loss) on derivatives designated as fair value hedges
Fixed-to-floating interest rate swaps
Hedged item$— $— $(62)
Derivative designated as hedging instrument— — 62 
Schedule of Amounts Recognized in Net Income
The impact of derivatives not designated as hedges to the Consolidated Statements of Income is as follows:
Gain (loss) recognized in Consolidated Statements of IncomeConsolidated Statements of Income classification
(In millions)202120202019
Gain (loss) on derivatives not designated as hedges 
Currency exchange contracts$— $72 $73 Interest expense - net
Commodity Contracts11 4 — Cost of products sold
Total$11 $76 $73 
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The impact of derivative and non-derivative instruments designated as hedges to the Consolidated Statements of Income and Comprehensive Income is as follows:
 Gain (loss) recognized in
other comprehensive
(loss) income
(In millions)202120202019
Derivatives designated as cash flow hedges  
Forward starting floating-to-fixed interest rate swaps$50 $(52)$(36)
Currency exchange contracts(6)(13)3 
Commodity contracts6 5 — 
Non-derivative designated as net
   investment hedges		  
Foreign currency denominated debt240 (173)15 
Total$290 $(233)$(18)
 Location of gain (loss)
reclassified from
Accumulated other
comprehensive loss		Gain (loss) reclassified
from Accumulated other
comprehensive loss
(In millions)202120202019
Derivatives designated as cash flow hedges
Forward starting floating-to-fixed interest rate swapsInterest expense - net$— $— $— 
Currency exchange contractsNet sales and Cost of products sold(6)(18)5 
Commodity contractsCost of products sold9 1 — 
Non-derivative designated as net
   investment hedges
Foreign currency denominated debtInterest expense - net— — — 
Total$3 $(17)$5